Financial Markets Authority of New Zealand (FMA) Issues a Warning against XM Global Limited
XM Global Limited claims to be providing trading and investment opportunities to people from around the world. On its website (https://www.xm.com/), XM Global Limited claims to be trading services for several instruments.
The Financial Markets Authority (FMA) has reportedly issued a warning against XM Global Limited. The warning against XM Global Limited suggests that the Financial Markets Authority in the light of claims made by the platform. Another major reason for the Financial Markets Authority to launch a complaint against XM Global Limited is the recent occurrence where investors are unable to withdraw their funds.
XM Global Limited is Unauthorized and Unlicensed
For any platform to provide financial or investment services in New Zealand, they must be registered or authorized through the respective regulatory authority. However, XM Global Limited is providing its services without being registered or licensed. This means that XM Global Limited is providing its financial and investment services without any regulatory approval or authorization.
This goes to suggest that the platform is making a false claim regarding its existence in New Zealand. By making such claims, the platform is misleading the investment community in New Zealand. Using the false claims, XM Global Limited is luring innocents not only from New Zealand but from other parts of the world.
FMA’s Warning Against XM Global Limited’s Authorization
The Financial Markets Authority of New Zealand has thus, issued a warning, letting all the locals know about the reality of the platform. The regulatory authority has issued a warning so the entire investment community in New Zealand remains vigilant and active against the activities of the platform.
The Financial Markets Authority has made it clear that XM Global Limited has acquired no such authorization or licensing for operating in New Zealand. XM Global Limited is not registered as a financial services provider in New Zealand at all. Therefore, the services the platform is providing are unregistered and unapproved.
FMA’s Warning against Recovery of Funds
Another warning that the Financial Markets Authority has issued is pertaining to the funds that have been deposited by the investors on XM Global Limited. The FMA has warned investors about depositing funds into the trading accounts for XM Global Limited. The regulator has quoted complaints registered by several locals in regards to their funds at XM Global Limited.
According to the regulator, several complaints have been launched by the locals about not being able to withdraw funds through XM Global Limited. The complainers have informed the regulator that they are unable to withdraw any funds that they had deposited into the investment platform.
XM Global Limited is not responding to any of the queries or concerns that the investors are sharing with them. Therefore, the Financial Markets Authority has issued a warning for the locals not to go ahead and make any deposits at the platform.
In case the investors do end up depositing funds into the platform, they must know that they will be doing it at their own risk. This means that no one apart from the investors would be responsible if they end up incurring any losses.
The Financial Markets Authority has formally requested all the investors to be very vigilant, alert, and attentive when dealing with XM Global Limited.
Information about XM Global Limited
XM Global Limited claims to be providing trading and investment opportunities to people from around the world. On its website (https://www.xm.com/), XM Global Limited claims to be trading services for several instruments. These instruments include forex trading, indices, commodities, stocks, metals, energies, and CFDs.
One of the names that are associated with the particular trading platform include David Ronald Warren. The platform also claims that it has an office in New Zealand, which is located at 10 Derwin Lane, Road 4, Parua Bay 0174, New Zealand.
The platform also claims that its registration number in New Zealand is NZBN: 9429047995611. The platform is also claiming to be offering a customer support that is available 24/5 and it can be reached out via landline, email, and chat support. The platform also claims that it offers varieties of trading accounts and investment options to the investors.